vs
康宝莱（HLF）与Sunrun Inc.（RUN）财务数据对比。点击上方公司名可切换其他公司
康宝莱的季度营收约是Sunrun Inc.的1.1倍（$1.3B vs $1.2B），Sunrun Inc.净利率更高（8.9% vs 6.7%，领先2.3%），Sunrun Inc.同比增速更快（123.5% vs 6.3%），过去两年Sunrun Inc.的营收复合增速更高（59.0% vs 0.7%）
康宝莱是美国跨国多层次营销企业，主营膳食补充剂的研发与销售。该公司曾被指控涉嫌金字塔骗局欺诈运营，2016年与美国证监会达成协议后调整了薪酬体系，将经销商奖励与可核实的实际销售额挂钩。此外其部分产品曾被曝出引发急性肝炎的相关问题。
Sunrun Inc.是美国知名的光伏系统及电池储能产品供应商，业务以服务住宅客户为主，2007年成立，总部位于加利福尼亚州旧金山，致力于为家庭用户提供高效的清洁能源解决方案。
HLF vs RUN — 直观对比
营收规模更大
HLF
是对方的1.1倍
$1.2B
营收增速更快
RUN
高出117.2%
6.3%
净利率更高
RUN
高出2.3%
6.7%
两年增速更快
RUN
近两年复合增速
0.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.3B | $1.2B |
| 净利润 | $85.4M | $103.6M |
| 毛利率 | 77.5% | — |
| 营业利润率 | 7.8% | 8.4% |
| 净利率 | 6.7% | 8.9% |
| 营收同比 | 6.3% | 123.5% |
| 净利润同比 | -52.0% | 103.7% |
| 每股收益（稀释后） | $0.81 | $0.38 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收HLFRUN
| Q4 25 | $1.3B | $1.2B | ||
| Q3 25 | $1.3B | $724.6M | ||
| Q2 25 | $1.3B | $569.3M | ||
| Q1 25 | $1.2B | $504.3M | ||
| Q4 24 | $1.2B | $518.5M | ||
| Q3 24 | $1.2B | $537.2M | ||
| Q2 24 | $1.3B | $523.9M | ||
| Q1 24 | $1.3B | $458.2M |
净利润HLFRUN
| Q4 25 | $85.4M | $103.6M | ||
| Q3 25 | $43.2M | $16.6M | ||
| Q2 25 | $49.3M | $279.8M | ||
| Q1 25 | $50.4M | $50.0M | ||
| Q4 24 | $177.9M | $-2.8B | ||
| Q3 24 | $47.4M | $-83.8M | ||
| Q2 24 | $4.7M | $139.1M | ||
| Q1 24 | $24.3M | $-87.8M |
毛利率HLFRUN
| Q4 25 | 77.5% | — | ||
| Q3 25 | 77.7% | — | ||
| Q2 25 | 78.0% | — | ||
| Q1 25 | 78.3% | — | ||
| Q4 24 | 77.8% | — | ||
| Q3 24 | 78.3% | — | ||
| Q2 24 | 77.9% | — | ||
| Q1 24 | 77.5% | — |
营业利润率HLFRUN
| Q4 25 | 7.8% | 8.4% | ||
| Q3 25 | 9.9% | 0.5% | ||
| Q2 25 | 10.5% | -19.7% | ||
| Q1 25 | 10.1% | -22.8% | ||
| Q4 24 | 8.8% | -628.0% | ||
| Q3 24 | 10.2% | -23.8% | ||
| Q2 24 | 6.3% | -24.4% | ||
| Q1 24 | 5.7% | -40.0% |
净利率HLFRUN
| Q4 25 | 6.7% | 8.9% | ||
| Q3 25 | 3.4% | 2.3% | ||
| Q2 25 | 3.9% | 49.1% | ||
| Q1 25 | 4.1% | 9.9% | ||
| Q4 24 | 14.7% | -542.7% | ||
| Q3 24 | 3.8% | -15.6% | ||
| Q2 24 | 0.4% | 26.5% | ||
| Q1 24 | 1.9% | -19.2% |
每股收益（稀释后）HLFRUN
| Q4 25 | $0.81 | $0.38 | ||
| Q3 25 | $0.42 | $0.06 | ||
| Q2 25 | $0.48 | $1.07 | ||
| Q1 25 | $0.49 | $0.20 | ||
| Q4 24 | $1.75 | $-12.59 | ||
| Q3 24 | $0.46 | $-0.37 | ||
| Q2 24 | $0.05 | $0.55 | ||
| Q1 24 | $0.24 | $-0.40 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $353.1M | — |
| 总债务越低越好 | $2.0B | $14.7B |
| 股东权益账面价值 | $-515.1M | $3.1B |
| 总资产 | $2.8B | $22.6B |
| 负债/权益比越低杠杆越低 | — | 4.69× |
8季度趋势，按日历期对齐
现金及短期投资HLFRUN
| Q4 25 | $353.1M | — | ||
| Q3 25 | $305.5M | — | ||
| Q2 25 | $320.9M | — | ||
| Q1 25 | $329.4M | — | ||
| Q4 24 | $415.3M | — | ||
| Q3 24 | $402.5M | — | ||
| Q2 24 | $374.0M | — | ||
| Q1 24 | $398.3M | — |
总债务HLFRUN
| Q4 25 | $2.0B | $14.7B | ||
| Q3 25 | $2.0B | $14.6B | ||
| Q2 25 | $2.1B | $14.0B | ||
| Q1 25 | $2.2B | $13.6B | ||
| Q4 24 | $2.3B | $12.9B | ||
| Q3 24 | $2.3B | $12.5B | ||
| Q2 24 | $2.3B | $12.0B | ||
| Q1 24 | $2.4B | $11.1B |
股东权益HLFRUN
| Q4 25 | $-515.1M | $3.1B | ||
| Q3 25 | $-612.0M | $3.0B | ||
| Q2 25 | $-660.5M | $2.9B | ||
| Q1 25 | $-736.0M | $2.6B | ||
| Q4 24 | $-801.1M | $2.6B | ||
| Q3 24 | $-954.2M | $5.3B | ||
| Q2 24 | $-1.0B | $5.4B | ||
| Q1 24 | $-1.0B | $5.2B |
总资产HLFRUN
| Q4 25 | $2.8B | $22.6B | ||
| Q3 25 | $2.7B | $22.2B | ||
| Q2 25 | $2.7B | $21.2B | ||
| Q1 25 | $2.7B | $20.4B | ||
| Q4 24 | $2.7B | $19.9B | ||
| Q3 24 | $2.7B | $22.1B | ||
| Q2 24 | $2.6B | $21.4B | ||
| Q1 24 | $2.6B | $20.8B |
负债/权益比HLFRUN
| Q4 25 | — | 4.69× | ||
| Q3 25 | — | 4.90× | ||
| Q2 25 | — | 4.80× | ||
| Q1 25 | — | 5.19× | ||
| Q4 24 | — | 5.05× | ||
| Q3 24 | — | 2.36× | ||
| Q2 24 | — | 2.23× | ||
| Q1 24 | — | 2.15× |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $98.3M | $96.9M |
| 自由现金流经营现金流 - 资本支出 | $79.8M | — |
| 自由现金流率自由现金流/营收 | 6.2% | — |
| 资本支出强度资本支出/营收 | 1.4% | — |
| 现金转化率经营现金流/净利润 | 1.15× | 0.94× |
| 过去12个月自由现金流最近4个季度 | $252.9M | — |
8季度趋势，按日历期对齐
经营现金流HLFRUN
| Q4 25 | $98.3M | $96.9M | ||
| Q3 25 | $138.8M | $-121.5M | ||
| Q2 25 | $96.0M | $-292.7M | ||
| Q1 25 | $200.0K | $-104.2M | ||
| Q4 24 | $69.6M | $-258.4M | ||
| Q3 24 | $99.5M | $-156.2M | ||
| Q2 24 | $102.5M | $-208.5M | ||
| Q1 24 | $13.8M | $-143.1M |
自由现金流HLFRUN
| Q4 25 | $79.8M | — | ||
| Q3 25 | $118.0M | — | ||
| Q2 25 | $73.2M | — | ||
| Q1 25 | $-18.1M | — | ||
| Q4 24 | $43.9M | — | ||
| Q3 24 | $72.4M | $-156.4M | ||
| Q2 24 | $66.2M | — | ||
| Q1 24 | $-19.1M | — |
自由现金流率HLFRUN
| Q4 25 | 6.2% | — | ||
| Q3 25 | 9.3% | — | ||
| Q2 25 | 5.8% | — | ||
| Q1 25 | -1.5% | — | ||
| Q4 24 | 3.6% | — | ||
| Q3 24 | 5.8% | -29.1% | ||
| Q2 24 | 5.2% | — | ||
| Q1 24 | -1.5% | — |
资本支出强度HLFRUN
| Q4 25 | 1.4% | — | ||
| Q3 25 | 1.6% | — | ||
| Q2 25 | 1.8% | — | ||
| Q1 25 | 1.5% | — | ||
| Q4 24 | 2.1% | — | ||
| Q3 24 | 2.2% | 0.0% | ||
| Q2 24 | 2.8% | — | ||
| Q1 24 | 2.6% | — |
现金转化率HLFRUN
| Q4 25 | 1.15× | 0.94× | ||
| Q3 25 | 3.21× | -7.33× | ||
| Q2 25 | 1.95× | -1.05× | ||
| Q1 25 | 0.00× | -2.08× | ||
| Q4 24 | 0.39× | — | ||
| Q3 24 | 2.10× | — | ||
| Q2 24 | 21.81× | -1.50× | ||
| Q1 24 | 0.57× | — |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
HLF
| Others | $514.4M | 40% |
| Other | $300.0M | 23% |
| IN | $250.3M | 20% |
| MX | $147.2M | 11% |
| VN | $71.1M | 6% |
RUN
| Products | $692.3M | 60% |
| Customer Agreements | $435.2M | 38% |
| Manufactured Product Other | $56.7M | 5% |
| Incentives | $31.3M | 3% |
